Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Section 40 - 82 (heading)
Omit " $30,000 ", substitute " $150,000 ".
2 Paragraph 4 0 - 82(1)(a)
After "businesses)", insert ", or by subsection ( 4A) (about medium sized businesses and certain assets) in relation to the asset,".
3 Paragraph 4 0 - 82(1)(d)
Repeal the paragraph, substitute:
(d) the asset is a depreciating asset whose * cost as at the end of the current year is less than:
(i) if you start to use the asset, or have it installed ready for use, for a taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2020--$150,000; or
(ii) otherwise--$30,000.
4 Paragraph 4 0 - 82(3)(a)
After "businesses)", insert ", or by subsection ( 4B) (about medium sized businesses and certain amounts) in relation to the amount,".
5 Paragraph 4 0 - 82(3)(b)
Repeal the paragraph, substitute:
(b) the amount so included is less than:
(i) if the amount is included in the period beginning on 12 March 2020 and ending on 30 June 2020--$150,000; or
(ii) otherwise--$30,000; and
6 After sub section 4 0 - 82(4)
Insert:
(4A) An entity is covered by this subsection for an income year in relation to an asset mentioned in subsection ( 1) if:
(a) the entity starts to use the asset, or has the asset * installed ready for use, for a * taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2020; and
(b) the entity is not a * small business entity for the income year; and
(c) the entity would be a small business entity for the income year if:
(i) each reference in Subdivision 328 - C (about what is a small business entity) to $10 million were instead a reference to $500 million; and
(ii) the reference in paragraph 328 - 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the asset.
(4B) An entity is covered by this subsection for an income year in relation to an amount included as mentioned in subsection ( 3) if:
(a) the amount is so included in the period beginning on 12 March 2020 and ending on 30 June 2020; and
(b) the entity is not a * small business entity for the income year; and
(c) the entity would be a small business entity for the income year if:
(i) each reference in Subdivision 328 - C (about what is a small business entity) to $10 million were instead a reference to $500 million; and
(ii) the reference in paragraph 328 - 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the amount.
7 Subsection 4 0 - 425(7A)
Omit "less than $30,000", substitute "below a threshold".
8 Paragraph 3 28 - 180(1)(b) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
9 Paragraph 3 28 - 180(2)(a) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
10 Paragraph 3 28 - 180(3)(a) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
11 Subsection 328 - 210(1) (note 2)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
12 Subsection 328 - 250(1) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
13 Subsection 328 - 250(4) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
14 Subsection 328 - 253(4) (note)
Omit "$25,000 or $30,000", substitute "$25,000, $30,000 or $150,000".
Income Tax (Transitional Provisions) Act 1997
15 Subsection 328 - 180(1)
Insert:
"2020 announcement time" means the start of 12 March 2020.
16 Subparagraphs 328 - 180(4)(c)(i) and (ii)
Omit "on or before 30 June 2020", substitute "before the 2020 announcement time".
17 At the end of subsection 328 - 180(4)
Add:
; or (d) were a reference to $150,000, if you first acquired the asset at or after the 2015 budget time, and you:
(i) first used the asset, for a taxable purpose, at or after the 2020 announcement time and on or before 30 June 2020; or
(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2020 announcement time and on or before 30 June 2020.
18 Subparagraph 3 28 - 180(5)(c)(ii)
Omit "on or before 30 June 2020", substitute "before the 2020 announcement time".
19 At the end of subsection 328 - 180(5)
Add:
; or (d) were a reference to $150,000, if the amount is so included at any time:
(i) at or after the 2020 announcement time; and
(ii) on or before 30 June 2020.
20 Subparagraph 3 28 - 180(6)(c)(ii)
Omit "on or before 30 June 2020", substitute "before the 2020 announcement time".
21 At the end of subsection 328 - 180(6)
Add:
; or (d) were a reference to $150,000, in relation to a deduction for an income year that ends:
(i) at or after the 2020 announcement time; and
(ii) on or before 30 June 2020.